Robinhood Shares Slide After Cash Delivery Service Rollout
By Terell WrightShares of Robinhood Markets fell after the brokerage rolled out a cash delivery service for a fee.Shares slid 9.3% $120.58 on Thursday, though are up more than threefold year to date.Robinhood has tapped food-and-drink delivery company Gopuff for the service to drop off cash withdrawn from Robinhood accounts. The delivery fee: $6.99, or $2.99 for customers with more than $100,000 deposited with Robinhood.To access the service, users must be members of Robinhood Gold and have direct deposits of at least $1,000 a month routed to their Robinhood accounts.Robinhood Banking's cash delivery is already rolling out in New York, and the financial technology company plans to launch the service in San Francisco, Philadelphia, Washington D.C., and other major cities in the coming months, the WSJ reported.Write to Terell Wright at [email protected]